Posted on: 24th Mar, 2007 01:58 pm
can i quit claim myself off property before it gets to foreclosure
"can i quit claim myself off property before it gets to foreclosure"
If you are trying to save your property by quit claiming it, I am afraid that will not help. The property is held as collateral for the mortgage. Even if you quit claim it to someone else, lender can foreclose and sell it off to recover his dues.
If you are trying to save your property by quit claiming it, I am afraid that will not help. The property is held as collateral for the mortgage. Even if you quit claim it to someone else, lender can foreclose and sell it off to recover his dues.
"Larry, "Even if you quit claim it to someone else, lender can foreclose and sell it off to recover his dues.""
Plus, your credit score will also get damaged because of the foreclosure. Foreclosure will affect your score and not of the person you will quit claim property to.
Instead I would suggest that you discuss any loss mitigation plan that can help avoid foreclosure or take help of a foreclosure prevention counseling agency. Such agency will work to help form a plan by which foreclosure can be avoided.
Plus, your credit score will also get damaged because of the foreclosure. Foreclosure will affect your score and not of the person you will quit claim property to.
Instead I would suggest that you discuss any loss mitigation plan that can help avoid foreclosure or take help of a foreclosure prevention counseling agency. Such agency will work to help form a plan by which foreclosure can be avoided.